collageCheck out the following article for more information on the salary of a phd holder in project management . The article provides a comprehensive list of salary for a doctorate degree holder in project management
PhD in Project Management Salary
Smart senior managers know that “you get what you pay for.” Especially with large, complex projects, good project managers are worth every penny they are paid. Successful projects reflect tangibly on the bottom line, improve customer satisfaction, and aid employee productivity and job satisfaction. Consequently, project manager salaries tend to be lucrative, whether in the financial, IT, construction or software development industry.
Project managers are highly valued professionals who work under tremendous pressure and against unexpected obstacles and tight deadlines. Salaries vary between an entry-level project manager and one who has reached senior project manager status, or who has attained certification to become a project management professional (PMP). Of note is the PMI changed their exam and updated the content.
Project Management has become a popular job around the world, and not just because of the healthy paycheck.
Every industry divides its work into projects that must be delivered on time without sacrificing quality. Since good project management yields happier clients, better profit margins, and streamlined work pipelines, demand for project managers has risen exponentially.
Experienced or even novice employees from different domains like engineering or management can learn project management on-the-job. You can also obtain relevant education from bootcamps or certifications to learn and validate your project management (PM) skills.
It’s also a common trend for software engineers and developers to transition to the project management domain after getting a few years of hands-on experience. So, basically, no matter where you’re currently at in your career, there’s room for you in the field of project management. Let’s talk a bit more about the basics of project management, and then we’ll dive into the good stuff—project management salaries.
Project Management Salaries by Job Level, Experience, and Education
The average income for project managers generally ranges between $51,000 and $111,000 per year. Glassdoor reports that the average salary of a project manager is estimated to be about $ 75,474 a year, and additional compensation like bonuses lie anywhere between $1,541 to $19,755.
A recent survey by PMI estimates that the average salary for entry-level project managers is $55,000, while highly experienced PM’s can bring home $175,000 annually. Mid-level project managers can earn up to $91,000 per year, while director-level project managers can easily take home around $148,250 per year.
If you consider educational qualifications, project managers with PhD’s earn about $129,000; master’s degrees earn $120,000; bachelor’s degrees earn $114,000; and if you have a high school diploma, you’re looking at $108,000 per year on average.
In the United States, a PMP certified professional can earn about $120,000 per year compared to $95,000 for a non-PMP certified project manager.
However, none of these stats are defining factors for your earning potential. The right combination of skills, experience, and tools is what’s important. You should focus on having excellent communication skills, the capacity to work with stringent timelines and budgets, and the willingness to handle challenging tasks. The better you are at your role, the more you’ll make for yourself.
As we mentioned, project managers are in high demand, and the demand’s expected to grow. Because of this, wages are expected to rise as well. So, you can look forward to job security moving forward.
Project Management Salaries by Specialization
Project management can be divided into three avenues:
- Project management: The focus here is on planning, coordinating, and closing projects. You do this by determining responsibilities, hatching inclusive plans, and managing cost constraints. The average salary is $ 91,245.
- Program management: As a program manager, you’ll execute multiple projects in a collective manner that constitutes a program. Your role helps to improve a company’s productivity and outcome. The mean wage is $ 127,517.
Depending on the avenue you want to go down, you should consider specializing in its most relevant methodology. Methodologies like Agile and Scrum are particularly hot in the IT market, while Kanban, Lean, and Six Sigma are highly valued for manufacturing industries or organizations with a sharp focus on product quality.
Project Management Salaries by Team Size
A less-talked-about factor impacting the salaries of project managers is the size of the team they handle. Managing a project with a huge team can increase your yearly wage by about $25,000. A survey by PMI reports that project manager salaries according to team size are as follows.
- 1 to 4 members: $106,888
- 5 to 9 members: $115,000
- 10 to 14 members: $121,533
- 15 to 19 members: $122,000
- More than 20 members: $130,000
If you’re handling projects with a budget of over $10 million, you can expect to earn approximately 40% more than the average salary.
Project Manager Salaries
Many project managers work in the field of computers and information systems. This is a specialized field for project managers, and you may be well-paid for your expertise, whether you bring your own projects to completion or are at the managerial level in your technology department. Computer and information systems managers make an average annual salary of $156,390, and project management specialists earned an average annual salary of $80,220 according to the BLS.
“Where do they work?” you might ask. The following industries have the highest levels of employment:
- Information Technology
- Computer Systems Design
- Finance and Insurance
- Manufacturing
- Company Management
| School | Program | More Info |
|---|---|---|
| American University | Graduate Certificate in Project Monitoring and Evaluation (Online) | Request Information |
| American University | MS in Agile Project Management (Online) | Request Information |
| Saint Mary’s University of Minnesota | MS in Project Management (Online) | Request Information |
Project Manager Education
If you’re looking to increase your salary or enter the job market with competitive training and skills, a master’s degree or higher is a great option. While bachelor’s degrees provide a great foundation in your area of interest, a master’s degree will allow you to specialize and elevate your experience in project management. Get your advanced training by considering one of the following:
- Master of Science in Project Management (MSPM)
- Master of Business Administration (MBA)
- Master of Science in Management (MSM)
- Master of Science (MS) or Doctor of Philosophy (PhD) with a project management concentration
So, if you want a challenging profession where your knowledge and skills will truly be appreciated and which pays a good salary, find a school to get the project management education you need to enter the field.
What are Top 10 Highest Paying Cities for Project Management Manager Jobs
We’ve identified 10 cities where the typical salary for a Project Management Manager job is above the national average. Topping the list is New York City, NY, with San Mateo, CA and Juneau, AK close behind in the second and third positions. Juneau, AK beats the national average by $11,958 (13.2%), and New York City, NY furthers that trend with another $16,986 (18.7%) above the $90,616 average.
Significantly, New York City, NY has a very active Project Management Manager job market as there are several companies currently hiring for this type of role.
With these 10 cities having average salaries higher than the national average, the opportunities for economic advancement by changing locations as a Project Management Manager appears to be exceedingly fruitful.
Finally, another factor to consider is the average salary for these top ten cities varies very little at 7% between New York City, NY and Minneapolis, MN, reinforcing the limited potential for much wage advancement. The possibility of a lower cost of living may be the best factor to use when considering location and salary for a Project Management Manager role.
| City | Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage |
|---|---|---|---|---|
| New York City, NY | $107,602 | $8,967 | $2,069 | $51.73 |
| San Mateo, CA | $105,444 | $8,787 | $2,028 | $50.69 |
| Juneau, AK | $102,575 | $8,548 | $1,973 | $49.31 |
| Boston, MA | $102,506 | $8,542 | $1,971 | $49.28 |
| Berkeley, CA | $101,421 | $8,452 | $1,950 | $48.76 |
| Santa Monica, CA | $101,277 | $8,440 | $1,948 | $48.69 |
| Daly City, CA | $101,134 | $8,428 | $1,945 | $48.62 |
| Quincy, MA | $101,018 | $8,418 | $1,943 | $48.57 |
| Renton, WA | $100,843 | $8,404 | $1,939 | $48.48 |
| Minneapolis, MN | $99,501 | $8,292 | $1,913 | $47.84 |
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